In my experience, people usually use "smooth" to mean "as smooth as I need for the upcoming proofs." Those who want to be more formal might insist on smooth meaning $C^\infty$.
While the operator taking $f$ to its Taylor series at some point in its domain uses information about all the partial derivatives of $f$ at once, I don't think I know an example to settle the following question:
Is there anything I can do simultaneously with infinitely many derivatives of a $C^\infty$, not necessarily analytic function?
I hope that's not phrased too vaguely. Since there are $C^\infty$ functions with zero Taylor series, for instance, something like "sure-you can put all its derivatives into an infinite series!" is probably not relevant. I won't be surprised if answer is "No, $C^\infty$ doesn't mean materially more than $C^k$ for sufficiently large $k$." But I'd be very interested to hear otherwise.